CBRE Finances Willows of Easley
Chicago Pacific Founders turned to Aron Will of CBRE to arrange financing for its latest acquisition in Easley, South Carolina. We reported last month that Evans Senior Investments had represented the independent owner/operator in its sale of a 100-unit independent/assisted living community. Originally built by the seller in 1997 and expanded in 2004, the Easley property was 96% occupied with 100% private pay and operated at a 36% EBITDAR margin. CPF bought it for $14.5 million, or $145,000 per unit, with the help of a $10.2 million Freddie Mac loan that featured a seven-year floating rate term and 42 months of interest only, arranged by Mr. Will. Grace Management will take over management... Read More »
Evans Senior Investments Executes On Everett Sale
The team at Evans Senior Investments is having quite the year, having already well surpassed its 2017 activity in both deals and dollars. Since the start of the year, ESI has closed 10 transactions for over $200 million in deal volume. Its latest transaction was also its largest for the year, when the firm represented the independent owner/operator of a 148-unit independent/assisted living in Everett, Washington (Seattle MSA), for $50.5 million, or $341,200 per unit. Located in an affluent Seattle suburb and boasting a host of amenities including a theater, billiards room, beauty salon and 24-hour bistro, the 15-year old community has a majority of IL units, although every unit was... Read More »
ESI Closes Easley Transaction
Evans Senior Investments found a new owner for a well-operating independent/assisted living community in Easley, South Carolina. Previously independently owned and operated, the community was built in 1997 and expanded in 2004. At the time of the sale, it was 96% occupied with a 100% private pay census and operated at a 36% EBITDAR margin. Nevertheless, the buyer, a Chicago-based private equity firm, will attempt to use the scale from its portfolio to further improve profitability. They paid $14.5 million, or $145,000 per unit, for the opportunity. Read More »
Evans Senior Investments Closes One In Their Backyard
It is not often that a seniors housing brokerage firm can sell a community in their home town, but the Boulder, Colorado office of Evans Senior Investments was hired to sell a 54-unit independent living community in Boulder. The community, built in 2007, has been averaging an occupancy rate of 93% to 94%, but may have been slightly higher at closing. That high occupancy rate might have something to do with the fact that the majority of the units have two-bedrooms and the majority have more than 1,000 square feet inside the units. Rates range from about $3,000 to $4,500. With an operating margin close to 50%, this must be a very well-run community, since it is also quite small for... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
